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Why Every Business Needs a Mentor

Author: Pru Chapman,
Founder + Head Hustler, Owners Collective

Pru Chapman is the Founder + Head Hustler at Owners Collective, a dedicated digital community and global online resource hub for early stage entrepreneurs. Pru gets giddy supporting business owners to create meaningful, sustainable + profitable businesses. She loves nothing more than a long black, post Crossfit session.

Why Every Business Needs a Mentor

Starting a business is surely for the certifiably insane.

The ridiculous amount of hustle with no guarantee of any kind of security or long-term wealth. Wearing a million hats. The chance you’ll fail in the first five years. The super late nights. The eye-watering early mornings. The ‘round the clock’ vibe of it all. The sheer weight of it all resting on you.

Yep, there’s no denying that the business game will test the mental stability of the coolest of cucumbers, but hey, as entrepreneurs we’re not exactly level headed right?! It’s best to admit now that we all have a touch of the crazy in us to choose this kind of life adventure.

And while it’s a wild ride out there, there are ways to get through this labyrinth with this some of your sanity intact. One of the best things you can do for you and your bottom line (and your mental health) is find a business mentor.

Many of the greats of our time had mentors (think Yoda and Luke Skywalker or Oprah Winfrey and Maya Angelou), and you and your business are no different, no matter what stage you’re at. A rock-solid relationship with an experienced mentor will not only save your sanity (and help you skyrocket your sales and growth), it will probably be the best type of therapy the business doctor ordered.

In fact, Oprah has even said that she doesn’t think anybody truly makes it in this world without some form of mentorship (and we can’t argue with the lovely O!)

So just why does every business need a mentor?

1. They’ll party like it’s 1999

The one and only Prince might have sung it but a Mentor will practice it every damn day. It’s a cliche but true: the game can be pretty lonely unless you have someone to shake booty with in your living room when your biz is soaring to new heights. Your wins are their wins, and they want nothing more than to see you go straight to the top of the pops like an epic, pre-millennial dance anthem. There’s no tall poppy syndrome here; only support, love and fist pumping all the way. A Mentor wants you to call every time you score a new client to selling out your first live workshop in minutes. No win is too small for them to pop that champagne, swing you a high-five and cheer you from the sidelines.

2. They’ll scrape you up off the floor when the chips are down

As Rocky Balboa famously said, ‘The world ain’t all sunshine and rainbows.’ Yes, indeed Rocky – it’s not all poolside margaritas and live video ‘check-ins’ from your Paris penthouse (actually, is it ever?). As sure as Donald Trump’s skin will remain an orange-coloured hue and Barack and Michelle will remain our #couplegoal, there’ll be times when you’re literally brought to your knees and things will hit you hard. And when it all goes pear-shaped, a Mentor is there in your corner to wipe your brow, towel you down, give you a pep talk, and keep you moving forward, ready to square up and face another day in the ring.

3. They’ll keep your a#se accountable

Aside from a cheeky Insta post here and there, you can say goodbye to a tonne of online (and offline) distractions. Your Mentor has zero patience for distractions because they get that Inbox overload and climbing down the internet rabbit hole will likely stand in the way of achieving your ultimate goals and dreams.

As creative and bold entrepreneurs, we’re a little prone to chasing the next big shiny thing or being lured into doing all the things we think we ‘should’ be doing. And the internet makes it so easy to get lost in the interwebs. When Google posted the classic Pac-man game on its home page one time, RescueTime, a company that creates time management and productivity software, calculated that the game guzzled about 4.8 million hours of work time and $120 million in lost productivity!

Enter your Mentor to revert your wandering, curious eye back on course, keep you on the straight and narrow and make sure you’re accountable for your time, with your eye on the prize the whole time.

4. Nothing will shock them (they’ve seen it all before)

A skilled Mentor will never make you feel like you’re failing at business (or life). Making $2 an hour? Still using a spreadsheet to track your accounts? Gazing at your P+L like it’s written in Arabic? A Mentor has seen and heard it all before so there’s no such thing as a silly question OR a juicy confession. The are ready to teach, explain, inspire, motivate and even get out a trusty whiteboard marker and a big, fat scroll of butcher paper to make sure you understand every step of your business journey and learn the hard lessons (with a business buddy by your side).

5. They’ll save you a bunch of money (and help you make a truck-load more)

Mentors typically charge a pretty penny, and the investment should be accompanied by the skills, experience, and serious know-how to help you to make exponentially more money in your business (and fast!).

Saying ‘yes’ to investing in yourself can feel like a BIG step but with the right Mentor, it should pay for itself in no time at all. Not only that, a Mentor is going to save you from making a bunch of costly mistakes. It’s not their first rodeo so they can steer you away from any dodgy deals, costly decisions or shonky traders. Consider yourself tucked under their proverbial wing.

Take a peek at our Mentoring program here:

6. Your decision-making just got put on hyper-speed…

Finally, you can stop playing that game of 1980s squash on the inside of your own head. “Should I do it?” .. “Should I not?”… “Should I do it?” “Should I not”. Indecision is an absolute buzz-kill in business but it’s easy to get sucked into the vortex of the unknown when you’ve got more balls in the air that Cirque du Soleil artist. While you’ll never have an objective viewpoint of your business, your Mentor will. They’ll help you clearly see the pros and cons so that you can have absolute confidence in the decisions you’re making and be able to make them without delay.

7. Your relationship with them is deep, honest, and enduring

While you can call on your girlfriends to jam on your latest squeeze, there’s not many people you can talk to endlessly about your pipeline, sales sequence, cash flow issues, serial learning obsession, online biz crush, crazy marketing ideas and epic new products. Your Mentor is on hand for all of this and more. They get totally jazzed on the nitty gritty of your business, and love nothing more than ploughing into a P+L to break your business down and rebuild it from the inside out. Yep, they’re entrepreneurial nerds, and they love it.

The regular catch-ups and weekly ins and outs mean they know just about everything going on with you: your business, your head space, your dog’s name, your relationships, the images on your Pinterest board, and most importantly, your hopes and dreams. They’re there in the good times and bad and that’s what builds the most solid of relationships.

8. They’ll teach you what you don’t know

It’s no secret that most business owners don’t have a clue what they’re doing when they’re running a business. OK, maybe that’s a tiny bit harsh, but honestly most early stage entrepreneurs start their own gig because they’re insanely passionate about their particular jam and area of expertise, be it graphic design, IT training, consulting, yoga, health and wellness or marketing.

Basically, they’re awesome at what they do and, at some point, said a big fat ‘no’ to working for the man. But then they stepped out into the big, wide world and launched their own gig. And while I’m all for taking the leap of faith, that’s exactly what it is – faith.

Suddenly you go from the skilled technician to the office manager, the secretary, the technician, the sales team, the accounts receivable person and the tech girl all in one. Who knows how to wear that many hats all at once? And who wants to?! When you’re the master of your own show, you can’t just rely on your craft any more – you need some hard-hitting business skills to make sure that the tax man isn’t knocking on your door and that you’ve got a predictable pipeline of clients.

This is where a Mentor is worth their weight in gold. They’ve grown and scaled successful businesses many times before and they’re primed to act as the guiding light of your growth and expansion. They want to know everything that moves and breathes in your business and leave no stone unturned in making sure that you’re firing on all cylinders (and keeping yourself out of trouble). Essentially, they’re a COO in your business, ready to work side by side with you to launch, leverage and scale your empire.

9. They’ll stretch you outside of your comfort zone

Because truly great things never came from cosy comfort zones. Your Mentor is there to help you believe that even more is possible. They’ll push you right to the edge of your limits (in a good way), encourage you to set your ‘stretch’ goals (you know, the big and bold ones you think you can’t achieve or don’t deserve) and help you get explosive results.

10. They’ll open the (right) doors for you

Helping you succeed is their ultimate goal (and makes them look amazing!) so the right Mentor will share their little black book with you and open doors that wouldn’t normally swing open by themselves. They’re your biggest fan and supporter so you’ll strut through the new networking doors with a sweeping amount of praise right behind you.

So just how do you find these magical unicorns?

First step: ask around. Ask people you admire in business who their mentors are and seek advice from family and friends or colleagues you respect.

Next up you want to make sure that you’re a good fit. Make sure that the mentor you choose understands your vision and is just as excited as you are. Stalk them a little. Who have they worked with before and what results have they been able to achieve with their clients? And most importantly, trust your gut.

To wrap up, the perfect mentor is one that helps you believe that anything is possible and then walks with you every step of the way. They’re absolutely invested in your business and more importantly, they’re invested in you. Your success is their success, your trials are their trials. They’re 100% up for the challenge of building your global empire with you.

Feel like you’re ready for some high-level mentoring and ass kicking from yours truly?

We’ve got a few spots left in our High-End Hustlers mentoring and mastermind program and we’re closing the doors soon.

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